Copper Futures Climb on U.S. Economic Data, Peruvian Strike

[Omaha Steve]

http://www.bloomberg.com/apps/news?pid=20601086&sid=aF8jlsc5ySYw&refer=latin_america

Copper Futures Climb on U.S. Economic Data, Peruvian Strike

By Millie Munshi

May 4 (Bloomberg) -- Copper prices in New York jumped to the highest level in 11 months and headed for the biggest weekly gain in a month on signs of U.S. economic growth and concerns that a miner strike in Peru will curtail supplies.

Separate reports showed that factory orders and manufacturing levels were higher than forecast in the U.S., the world's second-largest consumer of the metal after China. A national strike in Peru, the world's third-largest producer of the metal, entered a fifth day. Copper is up 32 percent this year on an expanding global economy and dwindling stockpiles.

``We had some very strong U.S. economic data this week that traders are viewing as supportive for copper,'' said Daniel Vaught, a commodity analyst at A.G. Edwards & Sons Inc. in St. Louis. ``We have not yet seen any definitive news on the Peru strike, and until we do, prices will remain supported.''

Copper futures for July delivery gained 6.15 cents, or 1.7 percent, to $3.788 a pound at 12:04 p.m. on the Comex division of the New York Mercantile Exchange. Earlier, the metal touched $3.807, the highest since May 30. Prices have gained 7.3 percent this week.

The Commerce Department said this week that U.S. factory orders rose 3.1 percent in March, the most in a year. The Institute for Supply Management said on May 1 its manufacturing index rose in April to the highest level since May 2006.

On the London Metal Exchange, copper for delivery in three months gained $125, or 1.5 percent, to $8,305 a ton. The metal rose to a record $8,800 a ton on May 11, 2006.

FULL story at link.

[Forkboy]

1. We have people stealing copper from churches apparently.

On my local news the other night they had a story about a guy who had been stealing copper fixtures and things from the outside of churches because of the money he could get for it.

It's a funny ole world.

[tridim]

2. There is tons of copper that can and will be stolen as soon as it's worthwhile

I bet the fed phases out pennies sooner than we think. Nickels too.